Headlines

Northvolt, the Swedish electric vehicle battery startup, has filed for bankruptcy in Sweden, marking the end of a company once seen as Europe’s best hope of challenging the dominant Asian battery industry, The Guardian reported. The company said in a statement that it had been unable to “secure the necessary financial conditions to continue in its current form” in Sweden. After the bankruptcy filing, a court-appointed trustee will oversee the sale of Northvolt’s business and assets while settling its outstanding debts.

Truckmaker Scania is willing to go ahead with purchasing the only profitable business of bankrupt battery maker Northvolt for $6 million, it said on Wednesday, Reuters reported. Northvolt filed for bankruptcy on Wednesday, bringing to an end Europe's best hope of developing a rival to major Asian electric vehicle battery players. Any potential asset sales are also suspended for now. The Swedish battery maker had for months attempted to sell some of its non-core businesses to try to rescue the main operations that produce battery cells for electric vehicles.

Insolvency-related activity across the UK rose sharply in February, with Yorkshire and the Humber recording a 39% increase, according to data from R3, the UK’s insolvency and restructuring trade body, East Midlands Business Link reported. The East Midlands (79%) and South West (77%) saw the most significant jumps, while Northern Ireland was the only region to see a decline (-38%). The data from Creditsafe, includes liquidator and administrator appointments and creditors’ meetings.

The German women's fashion brand Gerry Weber filed for insolvency with a court in western Germany on Tuesday and is seeking to once again undergo restructuring, DPA International reported. The aim of the proceedings is to continue the company as a going concern. Lucas Flöther has been appointed as administrator for the insolvency, according to the company. A new owner is now being sought and dpa has learned that initial talks are already under way. The company employs just under 230 people in Germany.

The Bank of Canada cut its key interest rate by 25 basis points on Wednesday, citing trade uncertainty with the U.S. for the decision, the Financial Post reported. “In recent months, the pervasive uncertainty created by continuously changing U.S. tariff threats has shaken business and consumer confidence,” said Bank of Canada governor Tiff Macklem, during opening remarks in Ottawa.

President Donald Trump's increased tariffs on all U.S. steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade in favor of the U.S. and drawing swift retaliation from Europe, Reuters reported. Trump's action to bulk up protections for American steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.

Brazil's Finance Minister said on Wednesday that the country would not immediately retaliate against tariffs imposed by the United States on steel and aluminum imports, instead seeking talks, with the government noting it will consider all actions, Reuters reported. U.S. President Donald Trump's increased tariffs on all steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade in favor of the U.S. and drawing swift retaliation from Canada and Europe.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday affirmed its growth outlook for oil demand and overall economic growth over the next two years, Investopedia.com reported. The organization said that it is maintaining its demand growth projection of 1.4 million barrels per day for 2025 and 2026, and said it expects the global economy to grow by 3.1% this year and 3.2% next year. The group said it has seen strong demand from the air travel and automotive industries.

The head of the soon-to-be axed Payment Systems Regulator conceded that his organization was a “reasonably easy target” as the UK government hunts for ways to slash red tape, Bloomberg News reported. Prime Minister Keir Starmer announced on Tuesday the UK will fold the PSR into the Financial Conduct Authority. David Geale, the PSR’s interim managing director, said he had become aware the agency could be on the chopping block around late January, when the Chancellor of the Exchequer Rachel Reeves made it clear the Treasury was pursuing a deregulation agenda in her push for growth.

Russia's central bank has proposed regulating certain cryptocurrency investments for wealthy individuals, it said on Wednesday, outlining plans for "specially qualified" investors to trade crypto assets, Reuters reported. The bank has gradually softened its strong opposition to cryptocurrencies, backing a law last year that allowed businesses to use cryptocurrencies in international trade, part of efforts to skirt Western sanctions imposed against Russia over the conflict in Ukraine.